SBP Aasan Account

RAAST PAKISTAN’S INSTANT PAYMENT SYSTEM

Raast is Pakistan’s first instant payment system that will enable end-to-end digital payments among individuals, businesses, and government entities instantaneously. The state-of-the-art Pakistan’s Faster Payment System will be used to settle small-value retail payments in real-time while at the same time providing cheap and universal access to all players in the financial industry including commercial banks, microfinance banks, government entities, and fintech (EMIs & PSPs).

Pakistan has had low electronic transactions for a number of reasons including low banking penetration, lack of trust and awareness of digital payment methods, limited interoperability, difficult accessibility, and high cost of transactions. The Real-Time Gross Settlement System (RTGS) of Pakistan provides instant payment settlements for large value and corporate transactions only. Raast: Pakistan’s Instant Payment System will facilitate retail payment settlements with great efficiency.

Raast aims to address some key industry challenges within the payment ecosystem:

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